P 1-6 (LO 1.5) The recommended level of...

The recommended level of retirement savings an individual should have saved at each age is as follows:

1. At age 30: 1X income at age 30
2. At age 40: 3X income at age 40
3. At age 50: 5X income at age 50
4. At age 70: 7X income at age 70

Required:

Bob makes $90,000 a year in income at age 50, and his salary is growing at 5 percent per year. He currently has retirement savings of $400,000. He wants to know if he will have enough income to retire at age 70. Bob could ask the below questions regarding his retirement savings and for each of these questions, determine which type of analytics might address it.

The recommended level of retirement savings an individual should have saved at each age is as follows: a. At age 30: \\( 1 \\mathrm{X} \\) income at age 30 b. At age 40: \\( 3 X \\) income at age 40 c. At age 50: \\( 5 X \\) income at age 50 d. At age \\( 70: 7 X \\) income at age 70 Required: Bob makes \\( \\$ 90,000 \\) a year in income at age 50 , and his salary is growing at 5 percent per year. He currently has retirement savings of \\( \\$ 400,000 \\). He wants to know if he will have enough income to retire at age 70 . Bob could ask the below questions regarding his retirement savings and for each of these questions, determine which type of analytics might address it